Owning a rental property and finding good tenants can be challenging, even for a property management company. We want to obtain the best possible candidates and renters for our property owners. So, the question is, should we open up our property to pets, and a much bigger pool of possible renters. This property management company in Corona CA has some owners that are ok with it, and we have some that are not.
When it comes to tenants, and people in general, we all love our pets, and or, know friends and associates who do. Pets play a huge role in some of our lives, and they do feel like part of our family. For some, the frustration is in the task of looking for that property owner, or the property management Company, who has a pet friendly property for rent. It’s always the no pet property ads some folks have to pass up.
So the question is, should you allow renters to have pets. I have listed some pros and cons in allowing pets for your rental property. This is just some food for thought.
- First thing anyone thinks about is the damage a pet could cause. First of all, this can be correct, especially if they have an animal that is not potty trained, like a pet Zebra, or ok, a dog. The damage is in pet stains and odors. This could cause some damage to carpets and flooring. There is possible scratching, and or chewing, on walls, doors and other areas to add. There is also the fact that the animal could tear up the yard, dirt, shrubs, and fencing. A pet Zebra will do this. But more on the Zebra later.
- Disturbing neighbors with constant barking or howling and receiving complaints. Some of you may even know the neighbors from living there yourself in the past, receiving these calls directly, about the tenants dog, wild Zebra, or midnight singing goat. The goat likes Opera, what can we say.
- If you have allergies the con can be moving back into the home.
- If your HOA does not allow pets, well, the decision is made for you. No Zebra’s. This could also be a good way to look at a new possible investment property. Does the HOA allow for pets?
Pros and the upside
- Larger pool of tenants to choose from. orgstates that almost 50% of renters own a pet. Therefore you have access to a larger amount of renter’s inquiring about your property. Since many online search tools allow for filtering for pet friendly space, instead of your property not even coming up in the search, you can now get your property ads included and viewed.
- Pet owners in many articles are considered more responsible. If someone is good natured and responsible enough to take care of an animal, most likely they will take care of your property. This type of renter can be more consciences and loyal. Nothing like a good Zebra owner renting out my property. I will have a renter for life!
- You can charge higher rent. You can charge monthly pet rent, or a higher deposit. Because of the potential cons, some form of this is almost always easy to ask for.
- Happier tenants due to having a pet. Pets reduce stress and therefore you can have happier tenants, which can mean tenants being more respectful.
- When you allow pets, tenants won’t sneak them in. You will then not have to worry about the confrontation, and or possible eviction from a breach in the lease agreement.
- Longer lasting Tenants. Some renters may not renew a lease after making a decision to own a pet, and now have to look for a pet friendly home. People who have pets can have such a hard time finding a place to live that will accept pets, that they will stay longer, and renew their lease year after year.
I read on article which cited FIREPAW.org a company that supports animal welfare through research and education. The article came from www.petfinder.com, it stated that Tenants in pet-friendly rentals stayed an average of 46 months compared to 18 months for tenants residing in rentals prohibiting pets. It also stated that the vacancy rate was lower for pet friendly rentals vs. no pet rentals.
They (firepaw.org) released a study, the study found that 85% of landlords permitting pets reported having some amount of pet-related damage at some time. In reviewing many of these cases, the cost of damage was covered by the required pet deposit/security deposit, and the homeowner experienced no real loss.
The article and the data suggests there is not much of a difference in actual damage between tenants with or without pets. That the biggest differences in damage from tenants with pets and those without was under $40, with an average for $323 in damage for tenants without pets and average of $362 for tenants with pets.
Allowing for pets has some good benefits. Do they outweigh the cons, well, that is for every owner to decide. Every owner is different, and does have different experiences with pets in their properties, which reflect their decision on pet and no pet policies. There is no right or wrong answer. In the long, or short run, the investment strategy for owning a rental home varies from investor to investor, and we must always look out for what’s best for our portfolio.
If you have any questions, or would like to inquire about property management in Eastvale, Corona Temescal Valley, Norco and the Inland Empire CA, please feel free to contact us at: firstname.lastname@example.org or click here to go to our contact us page